AIMS to launch new series of mutual fund

The Board of Directors of AIMS of Bangladesh Limitedat its 76th meeting recently decided to design and float a multi-scheme and multi-dimensional mutual fund for the local capital market, subject to consent from Bangladesh Securities & Exchange Commission (BSEC).

It will be named as AIMS Resurrection Series Mutual Fund. The proposed Fund would have both open and closed end schemes (listed and over-the-counter) of different size and characteristics that is to be released serially at regular intervals from the first quarter of 2021, said a statement.

"Responding to encouragements from the regulator and in support to the endeavors for reviving the industry, the Board of Directors of AIMS of Bangladesh Ltd, which pioneered the first privately managed mutual fund in independent Bangladesh in 1999, at the meeting, chaired by Professor Dr. Akhter Hussain took the decision," the statement added.

The Fund will be solely sponsored as well as managed by AIMS of Bangladesh where Sandhani Life Insurance Company Ltd will act as the Trustee and BRAC Bank Ltd as the Custodian.

This would be the first mutual fund launched by AIMS in a decade and one with its own name in two decades. AIMS also manage the Grameen and Reliance mutual funds, listed on the stock exchanges.